Azerbaijan, Baku, May 15 / Trend E. Ismayilov /
SOCAR said that current world oil prices hitting $70-80 per barrel are effective for the company.
"The cost of oil over $60 per barrel gives us an opportunity for investments. We are completely satisfied with the current price level between $70-80," SOCAR president Rovnag Abdullayev said.
Earlier, U.S. bank JP Morgan has expressed an expectation that by the end of the year, oil prices will exceed $ 90 per barrel amid increasing global demand. According to analysts, the average price for U.S. WTI crude in the fourth quarter amounted to $93 per barrel.
The price for North Sea crude Brent will remain higher than prices for WTI, because of the continuing pressure on contracts for the U.S kind due to the overabundance of supply in the region, analysts of the bank said. According to analysts, the average price of Brent by the end of the year will amount to $95 per barrel.
SOCAR exports Azeri Light, produced together with foreign partners on the block of fields "Azeri-Chirag-Guneshli" from various ports to international markets.
SOCAR sells Urals from the port of Novorossiysk.